NEWSFLASH

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ASIAN COMMON CURRENCY STUDIED

Manila, Jan. 13, 1998 - Countries affected by the worsening financial crisis are negotiating the adoption of an Asian currency for regional trade in an apparent attempt to arrest the slide of their currencies against the US dollar, as well as to save their foreign reserves.

The Department of Trade has reportedly given its recommendation for the Philippine government to push for the proposal.

According to a source quoted by the Manila Standard, Foreign Secretary Domingo Siazon is set to meet with the other foreign ministers to discuss the issue next week in Singapore.

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